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Dubai World sues MGM Mirage
MGM Mirage, the casino operator, is being sued by its joint venture partner Dubai World for allegedly breaching the terms of their US$8.6bn CityCenter development in Las Vegas.
Dubai World’s subsidiary Infinity World Development is suiting MGM for an undisclosed sum – and is asking to be freed from making future payments and fulfilling other agreed obligations – on the grounds that MGM stated in its 10-K filing that it had “substantial doubt” that it would be able to continue as a going concern.
Dubai World said MGM’s disclosure that it cannot provide assurance that it will be able to meet its future payment obligations to CityCenter has left it “no other option but to act to protect its investment and the future of CityCenter”.
“The current path of the project is simply unsustainable given our partner’s financial troubles,” it said in a statement.
MGM has downplayed the lawsuit, saying it is “without merit” and that it has the cash available to satisfy its obligations.
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